Britain's dominant services sector has ‘rediscovered its mojo’ and the economy is growing at its fastest pace since the Olympics, figures showed yesterday.

Research group Markit said gross domestic product increased by at least 0.5 per cent in the second quarter of the year – the best performance since the London Games boosted growth in 2012.

It means the economy has grown in back-to-back quarters for the first time in two years having expanded by 0.3 per cent between January and March.

Holding fire? Mark Carney was keen to usher in a new wave of stimulus to help boost the economy

Recovery hopes dimmed speculation that new Bank of England governor Mark Carney will immediately usher in a new wave of stimulus to bolster growth.

The monetary policy committee, which has held interest rates at 0.5 per cent since March 2009 and pumped £375billion of emergency funds into the economy, will announce its latest decision at noon today at the end of Carney’s first meeting as chairman.

The Canadian is thought to be keen to deploy aggressive new tactics to get the economy up to what he calls ‘escape velocity’ – but may be persuaded to hold fire given the latest signs of green shoots.

Brian Hilliard, UK economist at Societe Generale, said he was ‘surprised by how strong’ the recent figures have been.

‘It looks rather difficult for Carney to come in with all guns blazing,’ he added. The Markit/CIPS purchasing managers’ index of activity in the services sector – where scores above 50 represent growth – jumped from 54.9 in May to a 27-month high of 56.9 in June.

It completed a hat trick of good news after the manufacturing index hit a 25-month high of 52.5 and construction rose to a 13-month high of 51.

Markit said the all-sector score of 56 was the best since March 2011 and far outstripped results in the recession-torn eurozone. British firms hired staff at the fastest rate since October 2007 to keep up with rising demand.

Chris Williamson, chief economist at Markit, said GDP growth ‘could exceed 0.5 per cent’ in the second quarter of the year.

‘It is therefore hard to see how the MPC could make a case for further quantitative easing,’ he added.

Andrew Goodwin, senior economic advisor to the Ernst & Young Item Club, said: ‘The UK is well on the road to recovery. Finally the services sector appears to have rediscovered its mojo.’

But others were more cautious. Jeremy Cook, chief economist at the currency experts World First, sounded the alarm over ‘increased rumblings of eurozone turmoil’ and said the Bank could take further action to act as ‘a buffer against any ill winds’ from the single currency bloc.

‘Things may be looking up, but we’re not out of the woods yet,’ he said.